Spurred by the aforementioned factors, competition prevailing in the personal mobility devices market will intensify through the course of the report’s forecast period between 2015 and 2023. Furthermore, threat of substitution and considerable bargaining power of buyers will possibly escalate rivalry among the key market players.
“The rising geriatric population around the world has been a key target market for personal mobility devices,” observes the TMR report’s author. In India and China, the population of aged people is particularly expected to surge at an unprecedented rate through the forecast period. Aging is often associated with lower bone density, and, consequently, mobility in numerous cases. The prevalent social structure has led to a decline in long-term caregiving support from families.
Source : http://www.medgadget.com/2016/08/digitization-fuels-cost-of-personal-mobility-devices-market-subsequently-limiting-their-sales-in-under-developed-economies-reports-tmr.html